Non-gap Renko Chart Creator EA

that being a really great that period separator and S/R level on renko chart

The horizontal lines are created by Sweet Spot Indicator.

Here's a question for ya, Math...and would seemingly make a lot more sense in working with renko and especially by visual representation with your Non-Gap charts...

Is it possible to make the starting points more dynamic?

In the chart below, I am using the example you had in post 1, very top left corner where I have 2 places market.
1. Zero Line
2. Dynamic Starting Point.

When we are looking at the Renko Charts, we are trying to determine how to make our entries more fluid and in doing so, by having a generic start placement, and of course feeding off of history, comparing any 2 renko charts from 2 different terminals or 2 different brokers, is going to show up different as the starting placement of the first brick created is the basis for the entire chart.

In this, our positions can be a little laggy, much like working with an indicator base that shows the historical values...but tend to smooth out the spikes on the chart.

Now, in my example, I do appreciate that at the bearish candle formed...price went above the open, and then closed down a double brick size(showing the wick)...basic price movement, but in this, couldn't we have a more dynamic chart if we formed the brick based on iHigh(est)/iLow(est) vs building off of open and closed?

When we are looking for consistency in forward testing, and appreciating that all brokers are fractionally different on prices, wouldn't this help to remove some of the inconsistencies as well as allow for better entries if we were looking at something as simple as in the example:

if (Close[2]>Open[2] && Close[1]<Open[1]) return (sell);

Hi Magix!

I see your point, and I would say that it is possible but it will make a repainting Renko builder, which I tried to avoid by introducing my non-gap version. I think you can easily see and accept that if we want to change the open of a bearish candle, as in your example, to the high value of the candle, we have to wait for the candle to close, then repaint it such that it starts (i.e., its open price) from the high price.

Nonetheless, I am also thinking about a dynamic version of a Renko builder in which each candle size is identified by ATR indicator applied to a specific standard time frame (H1, for example). The size of candle could be in direct or reverse relationship to the ATR value. We can even use a percentage of average daily range to create Renko bricks for the next day... What do you think about this approach?

I get what you are saying about repainting..but really, by eliminating the wick, and using candle bodies, we are effectively looking to capture a greater range of price movements. The size of the wick on that candle was, how big? In a 10 pip brick, the max wick if measured in pips, would be 9.9...in your non-gap version this gives us a possible entry the size of the wick in relation...again, based on a single close trigger. Conversely...if using the wicks, triggering could be made on standard Renko and just written in to the brick size for triggering...

if ((iHigh (NULL, O, O)-Bid>Brick && .......

Really, it would be more so for the idea of visual representation...but in that, I cannot be sure if it would create more noise on the chart.

As the repaint would be at close of candle, visually we would see the reversal to play areas and though I use the term dynamically in reference to the starting and stopping positions of the chart, where as you are more litterally looking for the dynamics of range, there could be an extension of range made available, if not a faster egress on counter closes.

I have only played around with dynamics as by way of ATR a little bit, and in that, may be due to my application...haven't actually found it much by way of any grand benefit.

If we were just looking at the ATR of London and into the NY cross on the EUR and GBP, USD crosses...we would most of the time see the greatest range of ATR in here as they are typically the most active sessions for these and other USD trade crosses...(sessionally speaking)...but what happens when London falls off, or if there is a NY holiday?

Our grand range of candle created by a dynamic session is seemingly irrelevant as applied to the rest of the sessions following. Along with this, what would we see created by the impact of news like NFP? How would the balance of the session look on a widened candle into a possible lull into closing Friday? A candle based on this, would widen the area of stop ranges and possibly limit the range of available trade...and if left you in a counter position for the next opening bell, (assuming a full automated set and forget logic), could leave you standing outside in the rain...tapping on the window to try and get back in...with your pants around your ankles...


The OVO youtube video that I posted, they actually attempt to do the same, but use a wider range of time as a smoothing factor. 3 months worth of data applied to the average movement in a 30 minute chart, (the example they use)...how it's calculated exactly...dunno...but after working with the ovo charts for almost 2 weeks now, I have come to appreciate that these values don't actually change that much spread over the duration...as they are recalculated as per settings...1440, or every day. Using the data from this, might be just as valuable, but if you are up for a challenge in doing the same, why not?

Using chart range dynamics is something I have been fond of, applied to automation, for a really long time and it took me a while to figure out just how to code these in...(I have no formal coding experience, still a rookie by all standards), but find that these can be applied by logic of the trade, instead of needing to adjust the candles to suit...this to me seems like hitting a moving target, with a moving gun...maybe it works, maybe it will oscillate so close that it limits the potential...until tried, we really cannot be sure.

If the candles did update as per the ATR, would the entire historical renkos rebuild as well, or would it just be the new candles formed...this in itself may even create possibilities and if we consider that supply and demand is broken by immediate thrusts in volume, where as consolidation happens in more narrow ranges, we might gain a complete new perspective.

Which ever way you head with this, I will definitely be keeping all eyes on and hopefully be able to lend my perspective as it presents.

Thanks for this, MathTrader7! The program I was using doesn't work on Tallinex for whatever reason. I was trying to figure it out since I have the mq4 file, but then I saw yours, and it works perfectly.

I think.

My EA isn't taking trades and I don't know why. It works on Oanda with the other Renko program. Another EA on Tallinex is taking trades on a normal chart... any ideas?

I put it on Oanda demo on to see if the EA will take trades on that renko chart, that broker.

You're welcome! :-)
In order to let EAs work on offline charts, you have to uncheck "Offline chart" option in the Properties window of the Renko chart.

Perfect , Thank you

Great work MathTrader7

You're welcome! :-)

Thanks, I had tried that, and it still missed one. But it is working perfectly now, not sure why. On Oanda, I haven't un-checked it, and it takes trades on the offline charts. Some things about MT4 will always be a mystery I think.

Hello MathTrader7! Please give me the mq4 file for Non-gap Renko Chart Creator. Thanks in advance.

Hello Sindxb,
Sorry, all my EAs, indicators and scripts that I post here in FF are free but not open source. This is my personal policy.

Hello MathTrader7! I am new to EAs and may be do not understand everything properly. I am unable to create a Renko chart by applying the ex4 indicator. What do I do to make it work. I am trying to apply it the same way as I did with the Renko Mod which worked well. Please help. Thanks.

Hi MathTrader7,

Great work! Do you think there's an advantage for "no gap" or do you just like it visually?

Hello Anusragger,
The advantage for "no gap" is for backtesting and developing a strategy for Renko charts. In the reality there is 95% of the time no gap between open price of a reverse Renko candle and the close price of the previous Renko candle (except for the times that price jumps due to high impact news). I realized that one important reason why my Renko EAs don't work in forward test as they do in backtest is the way standard Renko builder EAs do it. However, I do not say that my "no gap" version is the best representation for Renko charts, but it is the best I could come up with so far.

Hello Sindxb, if you managed to successfully use "Renko Mod" EA, you just need to do the same way to get my "non gap" EA work for you. Please tell us the steps you did to get the "non gap" to work, and what errors you observed. Then I may be able to help you.

Hello MathTrader7!

Please see the attached chart. On EURUSD 1M chart, under Insert/Indicators/Custom, when I click on the MathTrader7_RenkoChartCreator, nothing happens and I am not able to get a Renko chart using EURUSD M2 offline chart.

MathTrader7_RenkoChartCreator.ex4 is an Expert Advisor (EA) not an Indicator! Here is a step by step guide for you:

How to create a Renko chart:
1. Download MathTrader7_RenkoChartCreator.ex4 from the attachments in Post 1, and copy it into your <Experts> folder.
2. Enable DLL import in Options menu.
3. Refresh your MT4 platform's navigator window (or restart MT4).
4. Open a M1 chart (e.g., EURUSD, M1) and attach the above EA to the chart.
5. From <File> menu, select <Open Offline> and choose (EURUSD, M2) chart.

Thank you very much MathTrader7. It works well now. Appreciate all the help.